P. Diddy tops the highest-paid rap acts list

Diddy, whose real name is Sean Combs, is said to have earned $60 million over the past year, according to the list released on Tuesday, reports aceshowbiz.com.

His earnings largely come from his ventures outside the studio, including his TV network Revolt, his clothing line Sean John, alkaline water brand Aquahydrate and Ciroc vodka. The "Last night" rapper is also readying for a new album.

Trailing close behind Diddy is Jay-Z with $56 million earned from his sold-out "On the Run" tour with his wife and singer Beyonce Knowles, as well as business ventures like his entertainment company Roc Nation and Armand de Brignac champagne.

Drake has taken the third spot after earning $39 million from his 50 shows with a nightly average gross of nearly 1 million.